Most people are aware that the most expensive properties in Spain are found in the largest cities. But perhaps not everyone knows that the properties with the highest value per square metre are found in the region of the Basque Country.
To be exact, Hernani Street, in San Sebastián is the most expensive street in the country to buy a home. The price per square metre has reached a maximum of 12,700 euro.
In contrast with other areas, the most exclusive street for property in Spain’s capital is in Calle Serrano, where the average price of an apartment or property there is 10,000 euro per square metre.
And in Barcelona, a property on Avenida Pearson can cost as much as 12,000 euro per square metre, which is 6% less than in Calle Hernani.
According to luxury estate agents Engel & Volkers, three of the most expensive streets in Spain are found in the province of San Sebastián, and it isn’t until we look at position number 6 where we will find Calle Serrano in Madrid.
For example, the San Sebastián street Zubieta has properties worth 11,500 euro per square metre, and Barcelona’s Paseo de Gracia is home to apartments valued at up to 11,000 euro/square metre. In fifth place is another San Sebastián street – Miraconcha – where a property costs an average of 10,900 euro/square metre.
To complete the top 10 are the following exclusive streets:
- Calle Serrano, Madrid
- Plaza de la Independiencia, Madrid
- Vía Doctor Acre, Madrid
- La Rambla, Barcelona
- Plaza de Euskadi, Bilbao
This last street in Bilbao has properties worth around 5.600 euro/square metre, which almost doubles the price of the most exclusive properties in Spain’s third city of Valencia.
Here, the most expensive homes can be purchased for around 3,000 euro per square metre, and they are found in Calle Colón, Paseo de la Alameda and in some parts of the capital of the city near the Turia River.
Many of the most valued properties in any of the above cities all have something in common. They are generally old buildings that have been renovated to a minimalistic modern style but which still have some of their original features, like old beams or columns. They tend to have spectacular views over some of the most representative and emblematic sites of the city.
Demand
As there are so few of these types of luxury properties on offer, the demand is high. This has caused prices in Spain’s major cities to have gone up between 4% and 6% in the last year, although exclusive flats on Calle Hernani in San Sebastián and Calle Colón in Valencia have increased by two-digit figures.
Some of the demand comes from international buyers, the majority European and American who buy the property as an investment, although the majority are Spanish.
- Bilbao: national buyers – 95% foreign buyers – 5%
- Madrid: national buyers – 88% foreign buyers – 12% (UK, Mexico, Venezuela, France and Germany)
- Barcelona: national buyers – 80% foreign buyers – 20% (Germany, France, Holland)
- San Sebastián: national buyers – 70% foreign buyers – 30% (Australia, Canada, Middle East)
- Valencia: national buyers – 64% foreign buyers – 36% (French, British)
Source: www.elconfidencial.com
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